editorNPR Digital Services RSS Generator 0.94NPR correspondent Chris Arnold is based in Boston. His reports are heard regularly on NPR's award-winning newsmagazines Morning Edition , All Things Considered , and Weekend Edition . He joined NPR in 1996, and was based in San Francisco before moving to Boston in 2001. Most recently, Arnold has been reporting on financial challenges facing millions of working and middle class Americans as the economy continues to recover from the worst recession in generations. He won the National Association of Consumer Advocates award for Investigative Journalism for a series of stories he reported with ProPublica that exposed improper debt collection practices by non-profit hospitals who were suing thousands of their low-income patients. Arnold is now serving as the lead reporter and editor for the ongoing NPR series "Your Money and Your Life" , which explores personal finance issues. As part of that, he's reporting on the problem of Wall Street firms charging excessive fees in retirement accounts:NPR Digital Services RSS Generator 0.94Chris ArnoldTue, 15 Aug 2017 18:35:16 +0000Chris Arnoldhttp://kccu.org
Chris ArnoldThe Trump administration on Wednesday will start to renegotiate the North American Free Trade Agreement with Canada and Mexico. And despite very tough talk about NAFTA during the campaign, it appears the administration has backed away from a major assault on the decades-old trade deal. And that is a relief to businesses in all three countries. During the presidential campaign, Donald Trump clearly tapped into frustration about workers who had lost jobs in manufacturing. And he painted NAFTA as one of the central villains responsible for stealing Americans jobs. "NAFTA was the worst deal ever made in the history of the world," he said. "It was a one-way highway out of the United States." Upon taking office, President Trump followed through on his pledge to scuttle another trade deal — the Trans-Pacific Partnership. But by April, it was becoming clear that NAFTA would be different . "I was going to terminate NAFTA as of 2 or 3 days from now," Trump said, but, he said, the president ofTrump's NAFTA Makeover Not So Extremehttp://kccu.org/post/trumps-nafta-makeover-not-so-extreme
120990 as http://kccu.orgTue, 15 Aug 2017 09:01:00 +0000Trump's NAFTA Makeover Not So ExtremeChris ArnoldCopyright 2017 NPR. To see more, visit STACEY VANEK SMITH, HOST: One more word you'll hear this week - well, it's really an acronym, but it is so familiar, we're going to call it a word - NAFTA, the North American Free Trade Agreement. Later this week, the Trump administration will kick off its talks to renegotiate NAFTA with Canada and Mexico. And despite Trump's fiery rhetoric about NAFTA on the campaign trail, it appears the administration has backed away from throwing out the 23-year-old trade deal or even majorly overhauling it. We're joined now by NPR's Chris Arnold. Hi, Chris. CHRIS ARNOLD, BYLINE: Hey, Stacey. SMITH: So, Chris, let's go back to the days of the campaign. Here is what President Trump had to say about NAFTA back then. (SOUNDBITE OF SPEECH) PRESIDENT DONALD TRUMP: NAFTA was the worst deal ever made in the history of the world. It was a one-way highway out of the United States. SMITH: The worst deal in the history of the world (laughter). ARNOLD: Right. I mean,'Words You'll Hear': Trump Administration To Talk NAFTA Renegotiationhttp://kccu.org/post/words-youll-hear-trump-administration-talk-nafta-renegotiation
120916 as http://kccu.orgSun, 13 Aug 2017 21:34:00 +0000'Words You'll Hear': Trump Administration To Talk NAFTA RenegotiationChris Arnoldhttps://www.youtube.com/watch?v=fq3o0VGUh50 Every day, more than 10 Americans suffer amputations on what is by far the most dangerous woodworking tool: the table saw. Regulators in Washington, D.C., are moving closer to adopting a rule that would make new saws so much safer that they could prevent 99 percent of serious accidents. But even after more than a decade of study, and the existence of a proven technology that all sides agree works astoundingly well to prevent injuries, it's unclear whether the Consumer Product Safety Commission will finally pass a rule requiring all new saws to have an active injury prevention monitoring system built into them. We did our first story on this issue in 2004 . I saw a small ad in the back of a woodworking magazine. It read something like "SawStop, the table saw that won't cut off your fingers." That sounded like a pretty good innovation. A table saw has a big, jagged metal blade that spins at 100 mph, and a lot of people get hurt using this typeDespite Proven Technology, Attempts To Make Table Saws Safer Drag Onhttp://kccu.org/post/despite-proven-technology-attempts-make-table-saws-safer-drag
120726 as http://kccu.orgThu, 10 Aug 2017 09:00:00 +0000Despite Proven Technology, Attempts To Make Table Saws Safer Drag OnChris ArnoldWells Fargo is back in the spotlight for another scandal. This time, for signing up 490,000 auto-loan customers for insurance they didn't need. This comes less than a year after the bank generated a massive public outcry for opening millions of unwanted accounts for customers. Customers who already had car insurance say they had no idea they were being charged for this insurance from Wells Fargo. And the bank acknowledges that tens of thousands of people wound up in default, which affected people's credit scores, and thousands had their cars repossessed. One of them was Michael Feifer. One morning in February, he was heading off to his job in Maryland at a company that builds guitars. He walked to the spot where he'd parked his car, but it wasn't there. "I called the police," he says. "I was livid. I thought somebody stole my car." Somebody had improperly made off with Feifer's car. But it wasn't a car thief. It was Wells Fargo bank. The police informed him of this when he called them.Who Snatched My Car? Wells Fargo Didhttp://kccu.org/post/who-snatched-my-car-wells-fargo-did
120335 as http://kccu.orgWed, 02 Aug 2017 22:02:00 +0000Who Snatched My Car? Wells Fargo DidChris ArnoldThe CEO of Royal Dutch Shell this week said his company is making a striking shift in its thinking: It now expects oil prices to remain low forever. The global oil glut of recent years shows no sign of diminishing. Energy demand has leveled off. And if electric vehicles take off, oil prices could come under even more downward pressure. Copyright 2017 NPR. To see more, visit ROBERT SIEGEL, HOST: If you've been enjoying cheaper gas prices this summer, you might be happy to hear that the head of a major oil company says that probably will not change. NPR's Chris Arnold reports on how energy companies are adapting as car companies selling SUVs are celebrating. CHRIS ARNOLD, BYLINE: Executives at oil companies have been using this term lower longer, as in oil prices will be lower longer with this glut of cheap oil. But this week, the CEO of Royal Dutch Shell basically said, you know what? Forget that. It's not lower longer. Oil could be cheap forever. And his company is adjusting. As Oil Prices Predicted To Remain Low, Energy Firms Seek Ways To Adapthttp://kccu.org/post/oil-prices-predicted-remain-low-energy-firms-seek-ways-adapt
120070 as http://kccu.orgFri, 28 Jul 2017 22:20:00 +0000As Oil Prices Predicted To Remain Low, Energy Firms Seek Ways To AdaptChris ArnoldWells Fargo bank has struck a settlement to reimburse customers who were harmed when bank employees created unwanted accounts in their names. A federal judge has granted a preliminary approval for the settlement in the class action case. Wells Fargo says compensation will depend on the financial harm customers suffered. Someone who paid an improper $35 dollar fee likely will receive less money than someone whose credit score was damaged and had to accept a home loan with a higher interest rate. That process of determining what to pay which customers will be overseen by an independent expert hired by class action lawyers. Wells Fargo, which is an NPR financial supporter, says it may end up paying more to customers if the $142 million isn't enough. Wells Fargo CEO Tim Sloan said in a statement: "We are pleased that the court found the settlement to be fair, reasonable and adequate. This preliminary approval is a major milestone in our efforts to make things right for our customers." HeWells Fargo To Pay $142 Million To Customers Hurt By Bogus Accountshttp://kccu.org/post/wells-fargo-pay-142-million-customers-hurt-bogus-accounts
119034 as http://kccu.orgMon, 10 Jul 2017 18:53:00 +0000Wells Fargo To Pay $142 Million To Customers Hurt By Bogus AccountsChris ArnoldHome prices have finally clawed their way back to the peak of the housing bubble. That's on average nationally . The story is very different when you zoom in on different counties or cities in particular. It's also a different picture if you adjust for inflation. A new tabulation of home price data by Harvard University's Joint Center for Housing Studies lets you do just that. You can zoom in on an interactive map to see what prices are doing in various parts of the country. San Francisco, Nashville and Pittsburgh are among the 15 percent of housing markets around the country where prices have actually risen above their prior peaks in the mid-2000s after adjusting for inflation. Less fortunate are Cleveland, Phoenix and much of Florida, where prices are still at least 26 percent below where they were before the bubble burst. In terms of how the overall housing market has been doing lately, it's recovering but not yet recovered, says William Wheaton, a housing economist at MIT. "There'sHow To See If Home Prices Are Rising Or Falling Where You Live http://kccu.org/post/how-see-if-home-prices-are-rising-or-falling-where-you-live
118890 as http://kccu.orgFri, 07 Jul 2017 11:01:00 +0000How To See If Home Prices Are Rising Or Falling Where You Live Chris ArnoldCopyright 2017 NPR. To see more, visit MARY LOUISE KELLY, HOST: Two things we know - interest rates are low; consumer confidence is high, which means the housing market should be hot. But it is not. It's just OK. NPR's Chris Arnold has been asking, why? CHRIS ARNOLD, BYLINE: Here's something you might not realize. Twenty-five years ago, Americans were more than twice as likely to pick up and move from one state to another. Greg Kaplan is an economist at The University of Chicago. GREG KAPLAN: To me, this is a huge move. It's a huge difference in how people are moving around the country today than they did a generation ago. ARNOLD: Kaplan's research suggests that a central reason for this change is that people don't have to move as much to find a good job that matches their skills. KAPLAN: It used to be the case that if computer science was your thing and you wanted to be a software engineer, the best place for you to reap a return on those skills was to go to Silicon Valley. Now, thatWhy Isn't The Housing Market Booming The Way Experts Expected?http://kccu.org/post/why-isnt-housing-market-booming-way-experts-expected
118721 as http://kccu.orgTue, 04 Jul 2017 11:57:00 +0000Why Isn't The Housing Market Booming The Way Experts Expected?Chris ArnoldBillionaire investor Warren Buffett fielded questions at the annual shareholders meeting for his company Berkshire Hathaway. He offered thoughts and insights on everything from Republicans voting to repeal Obamacare, to the Wells Fargo scandal, to how artificial intelligence and technology might reshape America. Here are some highlights: Repealing Obamacare is "a huge tax cut for guys like me" When asked about the bill Republicans in Congress just voted to pass to repeal and replace Obamacare, Buffett signaled his distaste for a tax cut provision. Obamacare pays for health care for Americans in part by taxing wealthier people. The Republican bill scraps that tax on the wealthy. And Buffett has apparently done the math here. If the Republican bill had been law last year, he said, "my federal taxes would have gone down 17 percent last year, so it's a huge tax cut for guys like me." "That is in the law that was passed a couple days ago," he added. "Anybody with $250,000 a year of adjusted'Oracle Of Omaha': Republican Health Care Bill 'A Huge Tax Cut For Guys Like Me'http://kccu.org/post/oracle-omaha-condemns-republican-health-care-bill-berkshire-meeting
115488 as http://kccu.orgSun, 07 May 2017 03:34:00 +0000'Oracle Of Omaha': Republican Health Care Bill 'A Huge Tax Cut For Guys Like Me'Chris ArnoldSenate Republicans voted Wednesday night to rescind an Obama-era policy that allows states to offer retirement savings plans to millions of workers. Retiree and worker protection groups say the move will hurt employees at small businesses. Many small businesses say they can't afford to set up retirement savings plans, such as 401(k) plans, for their workers. That's a big reason why so many Americans aren't saving, says Cristina Martin Firvida, the AARP's director of government affairs. "There are 55 million Americans who have no way to save for their retirement at work," Firvida says. She says when bigger companies automatically enroll workers in retirement plans, the vast majority of people stick with it and keep saving. They could opt out, but they don't. And Firvida says if similar plans were in place for workers at small businesses, "they would be 15 times more likely to save for retirement if they could do that straight out of their paycheck." Because of that, Oregon, California,Republicans Scrap Rule For Small-Business Retirement Planshttp://kccu.org/post/republicans-scrap-rule-small-business-retirement-plans
115334 as http://kccu.orgThu, 04 May 2017 09:05:00 +0000Republicans Scrap Rule For Small-Business Retirement PlansChris ArnoldCopyright 2017 NPR. To see more, visit AUDIE CORNISH, HOST: The U.S. economy got off to a rocky start this year. That's according to the latest numbers from the Commerce Department. The economy grew at just 0.7 percent in the first quarter, the weakest rate in three years. Growth barely above zero is nobody's idea of boom time, but as NPR's Chris Arnold reports, it may not be as bad as it looks. CHRIS ARNOLD, BYLINE: President Trump says his policies are going to dramatically boost economic growth. But this report seems to show that that is not happening yet. BETSEY STEVENSON: I think that there's probably a lot of disappointment in the White House today. ARNOLD: Betsey Stevenson was an economic adviser to President Obama, so she knows what it's like for a White House to get a weak report on the economy. STEVENSON: They were hoping to see a big Trump bump in the Q1 GDP estimate. And obviously the only way to see that bump is to squint. ARNOLD: But actually, Stevenson says if you doU.S. Economy Grows At Weakest Rate In Past 3 Yearshttp://kccu.org/post/us-economy-grows-weakest-rate-past-3-years
115052 as http://kccu.orgFri, 28 Apr 2017 20:31:00 +0000U.S. Economy Grows At Weakest Rate In Past 3 YearsChris ArnoldUnited Airlines says it will never again use police to forcibly remove passengers from overfull flights. But this week's public relations disaster for United highlights a problem that airlines face every day: how to entice people to give up their seats voluntarily. NPR reached out to some of the top thinkers in the world of "game theory" who say they think the industry could be doing a much better job. Here are some solutions they offered. Treat the problem as a game. To keep seats full on planes, airlines overbook assuming that some people will be no-shows. But when everybody actually shows up, you've got 100 seats on an airplane and you've sold 105 tickets. Sure, it's a problem. But it's also a game. "Yeah, this is exactly a game theory-type problem," says Joshua Gans, a professor of strategic management at the University of Toronto. "The airline wants some people off the plane; every single person on the plane wants to stay on absent anything else changing." It's fair to say thatThe United Airlines Fiasco: How Game Theory Could Helphttp://kccu.org/post/how-game-theory-relates-airline-booking
114193 as http://kccu.orgThu, 13 Apr 2017 11:25:00 +0000The United Airlines Fiasco: How Game Theory Could HelpChris ArnoldThe Obama administration created a rule to protect millions of American workers saving for retirement. President Trump has delayed this so-called fiduciary rule, which requires financial advisers to put consumers' best interests ahead of their own. A battle over the rule is likely to continue in the courts. In the meantime, here's what you need to know. Today was supposed to be the day you knew you could trust your financial adviser Monday was the deadline for the industry to comply with a new rule crafted by the Obama administration to protect Americans saving for retirement. Obama's economic team said everyday Americans are losing upwards of $17 billion a year from their retirement accounts because financial advisers have conflicts of interest that give them incentives to steer clients into mutual funds with excessive fees. The rule requires advisers to stop that practice and to act in their customers' best interest. But Trump has delayed the rule for 60 days through an executive 5 Things To Know About Trump's Delay Of The Financial Adviser Rulehttp://kccu.org/post/5-things-know-about-trumps-delay-financial-adviser-rule
114026 as http://kccu.orgMon, 10 Apr 2017 17:27:00 +0000 5 Things To Know About Trump's Delay Of The Financial Adviser RuleChris ArnoldJust days before President Trump is set to meet with Chinese President Xi Jinping, the administration has made a move that has some U.S.-China experts scratching their heads. The Commerce Department has quietly put a notice into the Federal Register stating that the U.S. will review a hot-button issue between the two superpowers. What's in question is a longstanding designation of China as a "non-market economy," or a country that operates outside of the norms of developed nations when it comes to trade. The U.S. has more power to take action against China because of this so-called NME status if it believes that China is, for example, dumping steel into the U.S. at prices that are unnaturally low and that hurt U.S. industry. The U.S. can basically force Chinese companies to pay taxes that effectively raise the price of such products in the U.S. market. Escaping from this label is something China has sought for more than a decade and that Chinese leaders consider a matter of greatTrump Administration Quietly Starts Review Of China's Trade Statushttp://kccu.org/post/trump-administration-quietly-starts-review-chinas-trade-status
113694 as http://kccu.orgTue, 04 Apr 2017 17:47:00 +0000Trump Administration Quietly Starts Review Of China's Trade StatusChris ArnoldCopyright 2017 NPR. To see more, visit DAVID GREENE, HOST: Let's meet the man President Trump turns to for advice on economic policy. His name is Gary Cohn and he's head of the president's National Economic Council. Trump will be getting advice from Cohn and that group today as he turns from health care reform to the next big item on his domestic agenda, a big overhaul of the tax code. Gary Cohn is a just-retired president of Goldman Sachs. Those Wall Street roots, and also his moderate stances on social issues and trade, put him at odds with others in the president's inner circle. NPR's Chris Arnold brings us this profile. CHRIS ARNOLD, BYLINE: Gary Cohn took an unusual path to Goldman Sachs and the White House. Cohn's dyslexic, and teachers told his parents not to expect much. As a kid, he helped out at his family's electrical contracting business in Cleveland. He went on to business school. Then he was floundering around, and he decided what he really wanted to do was to work onTrump Economic Adviser Gary Cohn At Odds With Inner Circlehttp://kccu.org/post/trump-economic-adviser-gary-cohn-odds-inner-circle
113417 as http://kccu.orgThu, 30 Mar 2017 09:47:00 +0000Trump Economic Adviser Gary Cohn At Odds With Inner CircleChris ArnoldCopyright 2017 NPR. To see more, visit ROBERT SIEGEL, HOST: For nearly a decade, we've had extremely low interest rates. Now the winds are changing. The Federal Reserve this week pushed rates higher and is expected to keep nudging them up over the next year. To find out what rising interest rates mean for Americans who have home loans, student loans, other kinds of loans, we turn now to NPR's Chris Arnold, who heads up our up our money and life coverage. Hi, Chris. CHRIS ARNOLD, BYLINE: Hey, Robert. SIEGEL: What would you say is the most important thing for people to understand about rising rates? ARNOLD: Well, Robert, I would say it's the same thing as when we're talking about the stock market crashing down or stocks rising up - that you don't want to freak out and make any sudden moves that might not be that well thought out. And I was talking this week with a financial adviser, and he got a call from a client who was saying, well, I guess we have to buy a house now. What's going toWhat Do Rising Interest Rates Mean For Average Americans?http://kccu.org/post/what-do-rising-interest-rates-mean-average-americans
112696 as http://kccu.orgThu, 16 Mar 2017 20:28:00 +0000What Do Rising Interest Rates Mean For Average Americans?Chris ArnoldThe head of the president's National Trade Council this week offered a decidedly bleak and suspicious view of global trade. Peter Navarro says foreign companies buying up U.S. corporations are posing a threat to national security. That might sound bad, but it's a fringe view that puts him at odds with the vast majority of economists. Speaking at an economics conference in Washington, D.C., Navarro issued a warning. He said that bad trade policy is making America less safe. "Today we do not have a single company in the U.S. that can make flat panel displays for our military aircraft," he said. Here is what Navarro says he's worried about. The U.S. imports more than it sells to the rest of the world. That trade deficit means some of our trading partners end up with a lot of cash. And they use some of it to invest in the U.S. They buy U.S. Treasuries, stocks, real estate. And sometimes they buy up U.S. companies. Most economists see this as just part of global trade, which overallTrump Adviser's Warning About Food Supply Takeover Met With Skepticismhttp://kccu.org/post/trump-advisers-warning-about-food-supply-takeover-met-skepticism
112362 as http://kccu.orgFri, 10 Mar 2017 16:47:00 +0000Trump Adviser's Warning About Food Supply Takeover Met With SkepticismChris ArnoldThe stock market's been charging higher lately. After the Dow Jones industrial average topped 20,000 for the first time in history in January, it kept surging to close above 21,000 earlier this week. So what's going on with the stock market and what does it mean for your retirement account? Rasheed Irani works for a helicopter manufacturer in Torrance, Calif., and like many everyday Americans, he's been paying more attention to the stock market lately. "I was speaking with my wife and we were both obviously happy that the market is going up, and she said, 'I'm so glad our 401(k) is doing much better now that Trump is the president,' " he says. Irani says he disagreed that it was because of the newly elected president. "I think I was able to convince her that it is not." Actually, many investors do seem to be enthusiastic about Trump's pledges to cut taxes and regulations, and build infrastructure. But beyond the debate over why the market is up, other people are wondering what to do.The Soaring Stock Market And Your Nest Egghttp://kccu.org/post/soaring-stock-market-and-your-nest-egg
112013 as http://kccu.orgFri, 03 Mar 2017 21:14:00 +0000The Soaring Stock Market And Your Nest EggChris ArnoldOver the past two weeks, the Trump administration has taken steps to delay and perhaps scuttle a new rule designed to save American workers billions of dollars they currently pay in excessive fees in their retirement accounts. The Obama administration spent 5 years crafting the rule through the Labor Department. It requires that financial advisers and brokers act in their customers' best interest when offering them investment advice for their workplace retirement accounts. Firms must comply by April. A fierce lobbying battle has now broken out over this rule's fate. On one side: big financial firms. On the other: just about every major consumer and retiree advocacy group in the country. "This is a top priority for AARP," says Cristina Martin Firvida, the retiree group's director of financial security. "Make no mistake: This rule is now under attack." 'Forgotten men and women of America' In his inauguration speech , President Trump talked about giving America back to everyday workingTrump Moving To Delay Rule That Protects Workers From Bad Financial Advicehttp://kccu.org/post/trump-moving-delay-rule-protects-workers-bad-financial-advice
111220 as http://kccu.orgFri, 17 Feb 2017 16:17:00 +0000Trump Moving To Delay Rule That Protects Workers From Bad Financial AdviceChris ArnoldCopyright 2017 NPR. To see more, visit ARI SHAPIRO, HOST: Some watchdog groups that keep an eye on the financial industry are worried about the fate of a new Labor Department rule that's supposed to take effect this April. It says financial advisers have to act in their customers' best interest when giving them advice about their 401k retirement accounts. Under the Trump administration, that rule may be in jeopardy. NPR's Chris Arnold has more. CHRIS ARNOLD, BYLINE: When you go to a doctor or a lawyer, they're required to act in your best interests. A financial adviser, though - no. It's often perfectly legal for an adviser to say, you should invest in these mutual funds - they're great - even though the fees are outrageously high, and the adviser gets a fat commission for getting you to buy them. DENNIS KELLEHER: Too many advisers are doing that today. It's costing retirement savers tens of billions of dollars every year. ARNOLD: That's Dennis Kelleher, the president of Better MarketsWatchdog Groups Fear Trump Will Block Investor Protection Rulehttp://kccu.org/post/financial-industry-groups-fear-trump-will-block-investor-protection-rule
110374 as http://kccu.orgThu, 02 Feb 2017 21:37:00 +0000Watchdog Groups Fear Trump Will Block Investor Protection Rule